Online KYC: Safeguarding Banks From Rising Financial Fraud

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The World is transforming rapidly, and technology is making operations more manageable. But forgeries and scams are growing as well. Technology has made enormous strides over the past two decades, and criminals have also changed their strategies. Online banking services fall victim to fraud most frequently. Banks’ shifting to the digital realm has had positive and negative effects. Criminals may hack or abuse payment transfer methods and banking applications. How is online KYC useful?To determine whether a customer meets the requirements for opening a banking account, the bank requests informa…

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